Financials

NEC: FYE Mar 2026 and ten years of results (46 metrics)

FYE Mar 2026 · Revenue¥3.58tnYoY +4.7%

FYE Mar 2026 · Operating profit¥360bnYoY +40.3%

FYE Mar 2026 · Net profit¥270bnYoY +54.3%

FYE Mar 2026 · Equity ratio47.3%YoY +4.8pp

FYE Mar 2026 · Group employees101,800YoY −2,394

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥2.67tn	n/a	¥42bn	n/a	1.6%	¥33bn	Endo Nobuhiro	<a class="en-history_person" href="/tse/6701/executives/ceo/niino-takashi/" hreflang="ja">Niino Takashi</a> becomes president and CEO
FYE Mar 2018Consolidated	¥2.84tn	+6.7%	¥64bn	+52.6%	2.2%	¥46bn	Niino Takashi	—
FYE Mar 2019Consolidated	¥2.91tn	+2.4%	¥58bn	−9.5%	2.0%	¥40bn	Niino Takashi	2,170 job cuts in Japan are announced
FYE Mar 2020Consolidated	¥3.10tn	+6.2%	¥128bn	+120.9%	4.1%	¥100bn	Niino Takashi	—
FYE Mar 2021Consolidated	¥2.99tn	−3.3%	¥154bn	+20.5%	5.1%	¥150bn	Niino Takashi	—
FYE Mar 2022Consolidated	¥3.01tn	+0.7%	¥133bn	−13.8%	4.4%	¥141bn	Niino Takashi	<a class="en-history_person" href="/tse/6701/executives/ceo/morita-takayuki/" hreflang="ja">Morita Takayuki</a> succeeds Niino as president and CEO
FYE Mar 2023Consolidated	¥3.31tn	+9.9%	¥170bn	+28.6%	5.1%	¥115bn	Morita Takayuki	NEC Fielding is taken wholly owned through a tender offer
FYE Mar 2024Consolidated	¥3.48tn	+5.0%	¥188bn	+10.3%	5.4%	¥150bn	Morita Takayuki	The <em>BluStellar</em> strategy goes into full operation
FYE Mar 2025Consolidated	¥3.42tn	−1.5%	¥256bn	+36.4%	7.5%	¥175bn	Morita Takayuki	—
FYE Mar 2026Consolidated	¥3.58tn	+4.7%	¥360bn	+40.3%	10.0%	¥270bn	Morita Takayuki	NEC Networks & System Integration becomes a wholly owned subsidiary

How it compares

Sony Group¥12.5tnFY2025Operating margin 11.6%Hitachi¥10.6tnFY2025Operating margin 12.0%Panasonic Holdings¥8.05tnFY2025Operating margin 2.9%Mitsubishi Electric¥5.89tnFY2025Operating margin 7.3%

NEC¥3.58tnFY2025Operating margin 10.0%

ToshibaDelisted 2023 Sharp¥1.89tnFY2025Operating margin 2.6%Sanyo ElectricDelisted 2011 Oki Electric Industry¥422bnFY2025Operating margin 4.5%

NOHMI BOSAI LTD.¥140bnFY2025Operating margin 13.1%

Income statement Revenue, costs, each level of profit and the margins they leave

Where the revenue goes

¥ bn

Cost of sales SG&A Other operating costs Operating profit

Margins

Gross margin Operating margin Net margin

Revenue net sales, operating revenue

FYE Mar 2026 ¥3.58tn

CAGR · 10 yrs +3.3%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	2,665	n/a	Cons. · IFRS
FYE Mar 2018	2,844	+6.7%	Cons. · IFRS
FYE Mar 2019	2,913	+2.4%	Cons. · IFRS
FYE Mar 2020	3,095	+6.2%	Cons. · IFRS
FYE Mar 2021	2,994	−3.3%	Cons. · IFRS
FYE Mar 2022	3,014	+0.7%	Cons. · IFRS
FYE Mar 2023	3,313	+9.9%	Cons. · IFRS
FYE Mar 2024	3,477	+5.0%	Cons. · IFRS
FYE Mar 2025	3,423	−1.5%	Cons. · IFRS
FYE Mar 2026	3,583	+4.7%	Cons. · IFRS

Definition: Everything the company took in from its own business
Formula: Revenue line of the income statement
Source: Securities report (XBRL)

Cost of sales

FYE Mar 2026 ¥2.40tn

CAGR · 10 yrs +2.6%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	1,909	n/a	Cons. · IFRS
FYE Mar 2018	2,047	+7.2%	Cons. · IFRS
FYE Mar 2019	2,084	+1.8%	Cons. · IFRS
FYE Mar 2020	2,208	+6.0%	Cons. · IFRS
FYE Mar 2021	2,133	−3.4%	Cons. · IFRS
FYE Mar 2022	2,128	−0.2%	Cons. · IFRS
FYE Mar 2023	2,355	+10.7%	Cons. · IFRS
FYE Mar 2024	2,471	+5.0%	Cons. · IFRS
FYE Mar 2025	2,363	−4.4%	Cons. · IFRS
FYE Mar 2026	2,401	+1.6%	Cons. · IFRS

Definition: The cost of what was sold
Formula: Cost of sales line of the income statement
Source: Securities report (XBRL)

Gross profit

FYE Mar 2026 ¥1.18tn

CAGR · 10 yrs +5.1%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	756	n/a	Cons. · IFRS
FYE Mar 2018	798	+5.6%	Cons. · IFRS
FYE Mar 2019	830	+4.1%	Cons. · IFRS
FYE Mar 2020	888	+6.9%	Cons. · IFRS
FYE Mar 2021	861	−3.0%	Cons. · IFRS
FYE Mar 2022	886	+2.9%	Cons. · IFRS
FYE Mar 2023	958	+8.1%	Cons. · IFRS
FYE Mar 2024	1,006	+5.0%	Cons. · IFRS
FYE Mar 2025	1,061	+5.4%	Cons. · IFRS
FYE Mar 2026	1,181	+11.4%	Cons. · IFRS

Definition: What the product or service itself earns
Formula: Revenue − cost of sales
Source: Securities report (XBRL)

SG&A selling, general and administrative expenses

FYE Mar 2026 ¥806bn

CAGR · 10 yrs +1.6%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	698	n/a	Cons. · IFRS
FYE Mar 2018	730	+4.5%	Cons. · IFRS
FYE Mar 2019	743	+1.8%	Cons. · IFRS
FYE Mar 2020	753	+1.3%	Cons. · IFRS
FYE Mar 2021	733	−2.6%	Cons. · IFRS
FYE Mar 2022	763	+4.1%	Cons. · IFRS
FYE Mar 2023	794	+4.0%	Cons. · IFRS
FYE Mar 2024	814	+2.6%	Cons. · IFRS
FYE Mar 2025	777	−4.5%	Cons. · IFRS
FYE Mar 2026	806	+3.6%	Cons. · IFRS

Definition: The cost of selling and of running the company
Formula: SG&A line of the income statement
Source: Securities report (XBRL)

Operating profit

FYE Mar 2026 ¥360bn

CAGR · 10 yrs +27.0%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	41.8	n/a	Cons. · IFRS
FYE Mar 2018	63.9	+52.6%	Cons. · IFRS
FYE Mar 2019	57.8	−9.5%	Cons. · IFRS
FYE Mar 2020	128	+120.9%	Cons. · IFRS
FYE Mar 2021	154	+20.5%	Cons. · IFRS
FYE Mar 2022	133	−13.8%	Cons. · IFRS
FYE Mar 2023	170	+28.6%	Cons. · IFRS
FYE Mar 2024	188	+10.3%	Cons. · IFRS
FYE Mar 2025	256	+36.4%	Cons. · IFRS
FYE Mar 2026	360	+40.3%	Cons. · IFRS

Definition: What the core business earns
Formula: Gross profit − SG&A
Source: Securities report (XBRL)

Non-operating income

FYE Mar 2026 ¥53bn

CAGR · 10 yrs +3.6%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	38.4	n/a	Cons. · IFRS
FYE Mar 2018	29.6	−23.1%	Cons. · IFRS
FYE Mar 2019	22.0	−25.6%	Cons. · IFRS
FYE Mar 2020	8.5	−61.4%	Cons. · IFRS
FYE Mar 2021	9.7	+14.3%	Cons. · IFRS
FYE Mar 2022	17.9	+84.6%	Cons. · IFRS
FYE Mar 2023	10.9	−39.1%	Cons. · IFRS
FYE Mar 2024	9.8	−10.0%	Cons. · IFRS
FYE Mar 2025	10.0	+1.6%	Cons. · IFRS
FYE Mar 2026	52.9	+431.8%	Cons. · IFRS

Definition: Income from outside the core business
Formula: Non-operating income line of the income statement
Source: Securities report (XBRL)

Non-operating expenses

FYE Mar 2026 ¥18bn

CAGR · 10 yrs −1.5%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	20.8	n/a	Cons. · IFRS
FYE Mar 2018	11.6	−44.4%	Cons. · IFRS
FYE Mar 2019	8.4	−27.6%	Cons. · IFRS
FYE Mar 2020	15.5	+84.6%	Cons. · IFRS
FYE Mar 2021	10.6	−31.4%	Cons. · IFRS
FYE Mar 2022	11.4	+7.1%	Cons. · IFRS
FYE Mar 2023	17.6	+55.0%	Cons. · IFRS
FYE Mar 2024	18.1	+2.5%	Cons. · IFRS
FYE Mar 2025	16.6	−8.3%	Cons. · IFRS
FYE Mar 2026	18.2	+9.6%	Cons. · IFRS

Definition: Costs arising outside the core business
Formula: Non-operating expenses line of the income statement
Source: Securities report (XBRL)

Net profit profit attributable to owners of the parent

FYE Mar 2026 ¥270bn

CAGR · 10 yrs +26.5%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	32.6	n/a	Cons. · IFRS
FYE Mar 2018	45.9	+40.9%	Cons. · IFRS
FYE Mar 2019	39.7	−13.5%	Cons. · IFRS
FYE Mar 2020	100.0	+152.0%	Cons. · IFRS
FYE Mar 2021	150	+49.7%	Cons. · IFRS
FYE Mar 2022	141	−5.6%	Cons. · IFRS
FYE Mar 2023	115	−19.0%	Cons. · IFRS
FYE Mar 2024	150	+30.6%	Cons. · IFRS
FYE Mar 2025	175	+17.2%	Cons. · IFRS
FYE Mar 2026	270	+54.3%	Cons. · IFRS

Definition: What is left after tax
Formula: Pre-tax profit − income taxes
Source: Securities report (XBRL)

Gross margin

FYE Mar 2026 33.0%

Average · 10 yrs 29.4%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	28.4	n/a	Cons. · IFRS
FYE Mar 2018	28.0	−0.3pp	Cons. · IFRS
FYE Mar 2019	28.5	+0.4pp	Cons. · IFRS
FYE Mar 2020	28.7	+0.2pp	Cons. · IFRS
FYE Mar 2021	28.8	+0.1pp	Cons. · IFRS
FYE Mar 2022	29.4	+0.6pp	Cons. · IFRS
FYE Mar 2023	28.9	−0.5pp	Cons. · IFRS
FYE Mar 2024	28.9	−0.0pp	Cons. · IFRS
FYE Mar 2025	31.0	+2.1pp	Cons. · IFRS
FYE Mar 2026	33.0	+2.0pp	Cons. · IFRS

Definition: The share of revenue left after the cost of sales
Formula: Gross profit ÷ revenue
Source: Securities report (XBRL)

Operating margin

FYE Mar 2026 10.0%

Average · 10 yrs 4.8%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	1.6	n/a	Cons. · IFRS
FYE Mar 2018	2.2	+0.7pp	Cons. · IFRS
FYE Mar 2019	2.0	−0.3pp	Cons. · IFRS
FYE Mar 2020	4.1	+2.1pp	Cons. · IFRS
FYE Mar 2021	5.1	+1.0pp	Cons. · IFRS
FYE Mar 2022	4.4	−0.7pp	Cons. · IFRS
FYE Mar 2023	5.1	+0.7pp	Cons. · IFRS
FYE Mar 2024	5.4	+0.3pp	Cons. · IFRS
FYE Mar 2025	7.5	+2.1pp	Cons. · IFRS
FYE Mar 2026	10.0	+2.6pp	Cons. · IFRS

Definition: The share of revenue the core business keeps
Formula: Operating profit ÷ revenue
Source: Securities report (XBRL)

Net margin

FYE Mar 2026 7.5%

Average · 10 yrs 3.8%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	1.2	n/a	Cons. · IFRS
FYE Mar 2018	1.6	+0.4pp	Cons. · IFRS
FYE Mar 2019	1.4	−0.3pp	Cons. · IFRS
FYE Mar 2020	3.2	+1.9pp	Cons. · IFRS
FYE Mar 2021	5.0	+1.8pp	Cons. · IFRS
FYE Mar 2022	4.7	−0.3pp	Cons. · IFRS
FYE Mar 2023	3.5	−1.2pp	Cons. · IFRS
FYE Mar 2024	4.3	+0.8pp	Cons. · IFRS
FYE Mar 2025	5.1	+0.8pp	Cons. · IFRS
FYE Mar 2026	7.5	+2.4pp	Cons. · IFRS

Definition: The share of revenue left after everything
Formula: Net profit ÷ revenue
Source: Securities report (XBRL)

Cost-of-sales ratio

FYE Mar 2026 67.0%

Average · 10 yrs 70.6%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	71.6	n/a	Cons. · IFRS
FYE Mar 2018	72.0	+0.3pp	Cons. · IFRS
FYE Mar 2019	71.5	−0.4pp	Cons. · IFRS
FYE Mar 2020	71.3	−0.2pp	Cons. · IFRS
FYE Mar 2021	71.2	−0.1pp	Cons. · IFRS
FYE Mar 2022	70.6	−0.6pp	Cons. · IFRS
FYE Mar 2023	71.1	+0.5pp	Cons. · IFRS
FYE Mar 2024	71.1	−0.0pp	Cons. · IFRS
FYE Mar 2025	69.0	−2.1pp	Cons. · IFRS
FYE Mar 2026	67.0	−2.0pp	Cons. · IFRS

Definition: The share of revenue taken by the cost of sales
Formula: Cost of sales ÷ revenue
Source: Securities report (XBRL)

SG&A ratio

FYE Mar 2026 22.5%

Average · 10 yrs 24.4%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	26.2	n/a	Cons. · IFRS
FYE Mar 2018	25.7	−0.5pp	Cons. · IFRS
FYE Mar 2019	25.5	−0.2pp	Cons. · IFRS
FYE Mar 2020	24.3	−1.2pp	Cons. · IFRS
FYE Mar 2021	24.5	+0.2pp	Cons. · IFRS
FYE Mar 2022	25.3	+0.8pp	Cons. · IFRS
FYE Mar 2023	24.0	−1.4pp	Cons. · IFRS
FYE Mar 2024	23.4	−0.5pp	Cons. · IFRS
FYE Mar 2025	22.7	−0.7pp	Cons. · IFRS
FYE Mar 2026	22.5	−0.2pp	Cons. · IFRS

Definition: The share of revenue taken by selling and administrative costs
Formula: SG&A ÷ revenue
Source: Securities report (XBRL)

Balance sheet Assets, debt and equity, and what they say about financial strength

What the balance sheet is made of

¥ bn

Equity Liabilities and non-controlling interests

Financial strength

Equity ratio Debt-to-equity

Total assets

FYE Mar 2026 ¥4.47tn

CAGR · 10 yrs +5.9%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	2,677	n/a	Cons. · IFRS
FYE Mar 2018	2,821	+5.4%	Cons. · IFRS
FYE Mar 2019	2,963	+5.0%	Cons. · IFRS
FYE Mar 2020	3,123	+5.4%	Cons. · IFRS
FYE Mar 2021	3,669	+17.5%	Cons. · IFRS
FYE Mar 2022	3,762	+2.5%	Cons. · IFRS
FYE Mar 2023	3,984	+5.9%	Cons. · IFRS
FYE Mar 2024	4,228	+6.1%	Cons. · IFRS
FYE Mar 2025	4,315	+2.1%	Cons. · IFRS
FYE Mar 2026	4,467	+3.5%	Cons. · IFRS

Definition: Everything the company holds
Formula: Total assets line of the balance sheet
Source: Securities report (XBRL)

Equity net assets, shareholders' equity

FYE Mar 2026 ¥2.11tn

CAGR · 10 yrs +8.5%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	1,016	n/a	Cons. · IFRS
FYE Mar 2018	707	−30.3%	Cons. · IFRS
FYE Mar 2019	658	−7.0%	Cons. · IFRS
FYE Mar 2020	707	+7.4%	Cons. · IFRS
FYE Mar 2021	1,054	+49.2%	Cons. · IFRS
FYE Mar 2022	1,240	+17.6%	Cons. · IFRS
FYE Mar 2023	1,335	+7.6%	Cons. · IFRS
FYE Mar 2024	1,742	+30.5%	Cons. · IFRS
FYE Mar 2025	1,833	+5.2%	Cons. · IFRS
FYE Mar 2026	2,111	+15.2%	Cons. · IFRS

Definition: The part of the funding that never has to be repaid
Formula: Net assets line of the balance sheet
Source: Securities report (XBRL)

Interest-bearing debt

FYE Mar 2026 ¥327bn

CAGR · 10 yrs −3.8%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	462	n/a	Cons. · IFRS
FYE Mar 2018	516	+11.8%	Cons. · IFRS
FYE Mar 2019	547	+6.0%	Cons. · IFRS
FYE Mar 2020	520	−4.9%	Cons. · IFRS
FYE Mar 2021	540	+3.9%	Cons. · IFRS
FYE Mar 2022	445	−17.7%	Cons. · IFRS
FYE Mar 2023	452	+1.6%	Cons. · IFRS
FYE Mar 2024	383	−15.2%	Cons. · IFRS
FYE Mar 2025	490	+27.9%	Cons. · IFRS
FYE Mar 2026	327	−33.2%	Cons. · IFRS

Definition: Borrowings the company pays interest on
Formula: Loans + bonds + lease obligations
Source: Securities report (XBRL)

Short-term borrowings

FYE Mar 2026 ¥55bn

CAGR · 10 yrs −8.2%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	119	n/a	Cons. · IFRS
FYE Mar 2018	140	+17.5%	Cons. · IFRS
FYE Mar 2019	159	+13.6%	Cons. · IFRS
FYE Mar 2020	155	−2.3%	Cons. · IFRS
FYE Mar 2021	51.5	−66.8%	Cons. · IFRS
FYE Mar 2022	187	+262.6%	Cons. · IFRS
FYE Mar 2023	131	−29.9%	Cons. · IFRS
FYE Mar 2024	84.7	−35.3%	Cons. · IFRS
FYE Mar 2025	234	+176.2%	Cons. · IFRS
FYE Mar 2026	55.0	−76.5%	Cons. · IFRS

Definition: Borrowings repayable within a year
Formula: Short-term borrowings line of the balance sheet
Source: Securities report (XBRL)

Long-term borrowings

FYE Mar 2026 ¥272bn

CAGR · 10 yrs −2.5%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	343	n/a	Cons. · IFRS
FYE Mar 2018	376	+9.8%	Cons. · IFRS
FYE Mar 2019	388	+3.1%	Cons. · IFRS
FYE Mar 2020	365	−6.0%	Cons. · IFRS
FYE Mar 2021	489	+34.0%	Cons. · IFRS
FYE Mar 2022	258	−47.2%	Cons. · IFRS
FYE Mar 2023	321	+24.4%	Cons. · IFRS
FYE Mar 2024	298	−7.0%	Cons. · IFRS
FYE Mar 2025	256	−14.2%	Cons. · IFRS
FYE Mar 2026	272	+6.4%	Cons. · IFRS

Definition: Borrowings repayable in more than a year
Formula: Long-term borrowings line of the balance sheet
Source: Securities report (XBRL)

Intangible assets

FYE Mar 2026 ¥369bn

CAGR · 9 yrs +11.3%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	156	n/a	Cons. · IFRS
FYE Mar 2019	219	+39.9%	Cons. · IFRS
FYE Mar 2020	199	−8.9%	Cons. · IFRS
FYE Mar 2021	369	+85.3%	Cons. · IFRS
FYE Mar 2022	375	+1.6%	Cons. · IFRS
FYE Mar 2023	378	+0.9%	Cons. · IFRS
FYE Mar 2024	372	−1.7%	Cons. · IFRS
FYE Mar 2025	352	−5.3%	Cons. · IFRS
FYE Mar 2026	369	+4.8%	Cons. · IFRS

Definition: Assets with no physical form
Formula: Intangible assets line of the balance sheet
Source: Securities report (XBRL)

Goodwill

FYE Mar 2026 ¥451bn

CAGR · 10 yrs +24.4%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	63.2	n/a	Cons. · IFRS
FYE Mar 2018	104	+64.5%	Cons. · IFRS
FYE Mar 2019	188	+81.0%	Cons. · IFRS
FYE Mar 2020	182	−3.1%	Cons. · IFRS
FYE Mar 2021	301	+64.8%	Cons. · IFRS
FYE Mar 2022	336	+11.8%	Cons. · IFRS
FYE Mar 2023	356	+5.8%	Cons. · IFRS
FYE Mar 2024	392	+10.3%	Cons. · IFRS
FYE Mar 2025	394	+0.4%	Cons. · IFRS
FYE Mar 2026	451	+14.4%	Cons. · IFRS

Definition: What an acquisition cost above the net assets it brought
Formula: Goodwill line of the balance sheet
Source: Securities report (XBRL)

Equity ratio

FYE Mar 2026 47.3%

Average · 10 yrs 33.4%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	37.9	n/a	Cons. · IFRS
FYE Mar 2018	25.1	−12.9pp	Cons. · IFRS
FYE Mar 2019	22.2	−2.9pp	Cons. · IFRS
FYE Mar 2020	22.6	+0.4pp	Cons. · IFRS
FYE Mar 2021	28.7	+6.1pp	Cons. · IFRS
FYE Mar 2022	33.0	+4.2pp	Cons. · IFRS
FYE Mar 2023	33.5	+0.5pp	Cons. · IFRS
FYE Mar 2024	41.2	+7.7pp	Cons. · IFRS
FYE Mar 2025	42.5	+1.3pp	Cons. · IFRS
FYE Mar 2026	47.3	+4.8pp	Cons. · IFRS

Definition: How much of the balance sheet is funded without debt
Formula: Equity ÷ total assets
Source: Securities report (XBRL)

Debt-to-equity ratio D/E ratio

FYE Mar 2026 15.5%

Average · 10 yrs 46.0%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	45.5	n/a	Cons. · IFRS
FYE Mar 2018	73.0	+27.5pp	Cons. · IFRS
FYE Mar 2019	83.1	+10.1pp	Cons. · IFRS
FYE Mar 2020	73.5	−9.5pp	Cons. · IFRS
FYE Mar 2021	51.2	−22.3pp	Cons. · IFRS
FYE Mar 2022	35.9	−15.4pp	Cons. · IFRS
FYE Mar 2023	33.8	−2.0pp	Cons. · IFRS
FYE Mar 2024	22.0	−11.8pp	Cons. · IFRS
FYE Mar 2025	26.7	+4.7pp	Cons. · IFRS
FYE Mar 2026	15.5	−11.2pp	Cons. · IFRS

Definition: Borrowings measured against the company's own capital
Formula: Interest-bearing debt ÷ equity
Source: Securities report (XBRL)

ROE return on equity

FYE Mar 2026 12.8%

Average · 10 yrs 9.5%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	3.2	n/a	Cons. · IFRS
FYE Mar 2018	6.5	+3.3pp	Cons. · IFRS
FYE Mar 2019	6.0	−0.5pp	Cons. · IFRS
FYE Mar 2020	14.1	+8.1pp	Cons. · IFRS
FYE Mar 2021	14.2	−0.0pp	Cons. · IFRS
FYE Mar 2022	11.4	−2.8pp	Cons. · IFRS
FYE Mar 2023	8.6	−2.8pp	Cons. · IFRS
FYE Mar 2024	8.6	−0.0pp	Cons. · IFRS
FYE Mar 2025	9.6	+1.0pp	Cons. · IFRS
FYE Mar 2026	12.8	+3.2pp	Cons. · IFRS

Definition: What the shareholders' capital earns
Formula: Net profit ÷ equity
Source: Securities report (XBRL)

ROA return on assets

FYE Mar 2026 6.0%

Average · 10 yrs 3.2%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	1.2	n/a	Cons. · IFRS
FYE Mar 2018	1.6	+0.4pp	Cons. · IFRS
FYE Mar 2019	1.3	−0.3pp	Cons. · IFRS
FYE Mar 2020	3.2	+1.9pp	Cons. · IFRS
FYE Mar 2021	4.1	+0.9pp	Cons. · IFRS
FYE Mar 2022	3.8	−0.3pp	Cons. · IFRS
FYE Mar 2023	2.9	−0.9pp	Cons. · IFRS
FYE Mar 2024	3.5	+0.7pp	Cons. · IFRS
FYE Mar 2025	4.1	+0.5pp	Cons. · IFRS
FYE Mar 2026	6.0	+2.0pp	Cons. · IFRS

Definition: What the whole balance sheet earns
Formula: Net profit ÷ total assets
Source: Securities report (XBRL)

Asset turnover

FYE Mar 2026 0.80×

CAGR · 10 yrs −2.4%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	1.00	n/a	Cons. · IFRS
FYE Mar 2018	1.01	+1.3%	Cons. · IFRS
FYE Mar 2019	0.98	−2.5%	Cons. · IFRS
FYE Mar 2020	0.99	+0.8%	Cons. · IFRS
FYE Mar 2021	0.82	−17.6%	Cons. · IFRS
FYE Mar 2022	0.80	−1.8%	Cons. · IFRS
FYE Mar 2023	0.83	+3.8%	Cons. · IFRS
FYE Mar 2024	0.82	−1.1%	Cons. · IFRS
FYE Mar 2025	0.79	−3.6%	Cons. · IFRS
FYE Mar 2026	0.80	+1.1%	Cons. · IFRS

Definition: How much revenue each yen of assets produces
Formula: Revenue ÷ total assets
Source: Securities report (XBRL)

Cash flow statement Cash from operations, investment and financing, and what is left on hand

The three cash flows

¥ bn

Operating CF Investing CF Financing CF

Cash against debt

¥ bn

Cash and equivalents Interest-bearing debt Net cash

Operating cash flow

FYE Mar 2026 ¥438bn

CAGR · 10 yrs +18.9%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	92.5	n/a	Cons. · IFRS
FYE Mar 2018	130	+40.5%	Cons. · IFRS
FYE Mar 2019	64.2	−50.6%	Cons. · IFRS
FYE Mar 2020	262	+307.7%	Cons. · IFRS
FYE Mar 2021	275	+5.0%	Cons. · IFRS
FYE Mar 2022	148	−46.3%	Cons. · IFRS
FYE Mar 2023	152	+3.1%	Cons. · IFRS
FYE Mar 2024	271	+78.3%	Cons. · IFRS
FYE Mar 2025	344	+27.0%	Cons. · IFRS
FYE Mar 2026	438	+27.3%	Cons. · IFRS

Definition: Cash the business itself generated
Formula: Cash flow from operating activities
Source: Securities report (XBRL)

Investing cash flow

FYE Mar 2026 ¥34bn

CAGR · 10 yrs +20.2%

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	6.4	n/a	Cons. · IFRS
FYE Mar 2018	-14.2	−321.5%	Cons. · IFRS
FYE Mar 2019	-76.7	n/a	Cons. · IFRS
FYE Mar 2020	-84.0	n/a	Cons. · IFRS
FYE Mar 2021	-122	n/a	Cons. · IFRS
FYE Mar 2022	-63.4	n/a	Cons. · IFRS
FYE Mar 2023	-49.6	n/a	Cons. · IFRS
FYE Mar 2024	-76.0	n/a	Cons. · IFRS
FYE Mar 2025	-131	n/a	Cons. · IFRS
FYE Mar 2026	33.7	n/a	Cons. · IFRS

Definition: Cash spent on, or released by, investment
Formula: Cash flow from investing activities
Source: Securities report (XBRL)

Financing cash flow

FYE Mar 2026 -¥418bn

Average · 10 yrs -¥119bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-48.9	n/a	Cons. · IFRS
FYE Mar 2018	-7.2	n/a	Cons. · IFRS
FYE Mar 2019	-50.5	n/a	Cons. · IFRS
FYE Mar 2020	-91.7	n/a	Cons. · IFRS
FYE Mar 2021	1.4	n/a	Cons. · IFRS
FYE Mar 2022	-190	−13702.3%	Cons. · IFRS
FYE Mar 2023	-123	n/a	Cons. · IFRS
FYE Mar 2024	-156	n/a	Cons. · IFRS
FYE Mar 2025	-104	n/a	Cons. · IFRS
FYE Mar 2026	-418	n/a	Cons. · IFRS

Definition: Cash raised from, or returned to, lenders and shareholders
Formula: Cash flow from financing activities
Source: Securities report (XBRL)

Cash and equivalents

FYE Mar 2026 ¥659bn

CAGR · 10 yrs +11.9%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	240	n/a	Cons. · IFRS
FYE Mar 2018	346	+44.2%	Cons. · IFRS
FYE Mar 2019	278	−19.6%	Cons. · IFRS
FYE Mar 2020	359	+29.1%	Cons. · IFRS
FYE Mar 2021	523	+45.7%	Cons. · IFRS
FYE Mar 2022	431	−17.7%	Cons. · IFRS
FYE Mar 2023	419	−2.6%	Cons. · IFRS
FYE Mar 2024	476	+13.6%	Cons. · IFRS
FYE Mar 2025	585	+22.7%	Cons. · IFRS
FYE Mar 2026	659	+12.7%	Cons. · IFRS

Definition: Cash on hand at the year end
Formula: Closing balance in the cash flow statement
Source: Securities report (XBRL)

Free cash flow

FYE Mar 2026 ¥472bn

CAGR · 10 yrs +19.0%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	99.0	n/a	Cons. · IFRS
FYE Mar 2018	116	+17.0%	Cons. · IFRS
FYE Mar 2019	-12.4	−110.7%	Cons. · IFRS
FYE Mar 2020	178	n/a	Cons. · IFRS
FYE Mar 2021	152	−14.3%	Cons. · IFRS
FYE Mar 2022	84.1	−44.8%	Cons. · IFRS
FYE Mar 2023	103	+21.9%	Cons. · IFRS
FYE Mar 2024	195	+90.4%	Cons. · IFRS
FYE Mar 2025	213	+9.2%	Cons. · IFRS
FYE Mar 2026	472	+121.4%	Cons. · IFRS

Definition: What is left once the business has paid for its own investment
Formula: Operating cash flow + investing cash flow
Source: Securities report (XBRL)

Operating cash flow margin

FYE Mar 2026 12.2%

Average · 10 yrs 6.7%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	3.5	n/a	Cons. · IFRS
FYE Mar 2018	4.6	+1.1pp	Cons. · IFRS
FYE Mar 2019	2.2	−2.4pp	Cons. · IFRS
FYE Mar 2020	8.5	+6.3pp	Cons. · IFRS
FYE Mar 2021	9.2	+0.7pp	Cons. · IFRS
FYE Mar 2022	4.9	−4.3pp	Cons. · IFRS
FYE Mar 2023	4.6	−0.3pp	Cons. · IFRS
FYE Mar 2024	7.8	+3.2pp	Cons. · IFRS
FYE Mar 2025	10.1	+2.3pp	Cons. · IFRS
FYE Mar 2026	12.2	+2.2pp	Cons. · IFRS

Definition: How much of the revenue turned into cash
Formula: Operating cash flow ÷ revenue
Source: Securities report (XBRL)

Net cash

FYE Mar 2026 ¥332bn

Average · 10 yrs -¥36bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	-222	n/a	Cons. · IFRS
FYE Mar 2018	-170	n/a	Cons. · IFRS
FYE Mar 2019	-268	n/a	Cons. · IFRS
FYE Mar 2020	-161	n/a	Cons. · IFRS
FYE Mar 2021	-16.9	n/a	Cons. · IFRS
FYE Mar 2022	-13.9	n/a	Cons. · IFRS
FYE Mar 2023	-32.2	n/a	Cons. · IFRS
FYE Mar 2024	93.5	n/a	Cons. · IFRS
FYE Mar 2025	94.9	+1.4%	Cons. · IFRS
FYE Mar 2026	332	+249.8%	Cons. · IFRS

Definition: Cash on hand once the borrowings are paid off
Formula: Cash and equivalents − interest-bearing debt
Source: Securities report (XBRL)

Shares and share price Shares outstanding, price, market capitalisation and the valuation multiples

Market capitalisation

FYE Mar 2026 ¥5.25tn

Change · 10 yrs +¥4.37tn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	873	n/a
FYE Mar 2018	779	n/a
FYE Mar 2019	976	n/a
FYE Mar 2020	1,028	n/a
FYE Mar 2021	1,779	n/a
FYE Mar 2022	1,405	n/a
FYE Mar 2023	1,391	n/a
FYE Mar 2024	2,998	n/a
FYE Mar 2025	4,291	n/a
FYE Mar 2026	5,247	n/a

Definition: What the market says the company is worth
Formula: Year-end share price × shares outstanding
Source: Securities report (XBRL)

Share price year-end close

FYE Mar 2026 3,846¥

Change · 10 yrs +3,511¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	335	n/a
FYE Mar 2018	2,991	n/a
FYE Mar 2019	3,745	n/a
FYE Mar 2020	3,946	n/a
FYE Mar 2021	6,519	n/a
FYE Mar 2022	5,149	n/a
FYE Mar 2023	5,098	n/a
FYE Mar 2024	10,989	n/a
FYE Mar 2025	15,727	n/a
FYE Mar 2026	3,846	n/a

Definition: The closing price on the last day of the fiscal year
Formula: Year-end closing price
Source: Securities report (XBRL)

Shares outstanding

FYE Mar 2026 1,364,249,000shares

Change · 10 yrs −1,240,484,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	2,604,733,000	Parent
FYE Mar 2018	260,473,000	Parent
FYE Mar 2019	260,473,000	Parent
FYE Mar 2020	260,473,000	Parent
FYE Mar 2021	272,850,000	Parent
FYE Mar 2022	272,850,000	Parent
FYE Mar 2023	272,850,000	Parent
FYE Mar 2024	272,850,000	Parent
FYE Mar 2025	272,850,000	Parent
FYE Mar 2026	1,364,249,000	Parent

Definition: How many shares exist
Formula: Shares issued, from the key figures of the filing
Source: Securities report (XBRL)

EPS earnings per share

FYE Mar 2026 202.95¥

Change · 10 yrs +97.85¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	105.10	Cons.
FYE Mar 2018	176.54	Cons.
FYE Mar 2019	152.75	Cons.
FYE Mar 2020	385.02	Cons.
FYE Mar 2021	111.44	Cons.
FYE Mar 2022	103.71	Cons.
FYE Mar 2023	84.90	Cons.
FYE Mar 2024	112.25	Cons.
FYE Mar 2025	131.50	Cons.
FYE Mar 2026	202.95	Cons.

Definition: Net profit for each share
Formula: Net profit ÷ average shares outstanding
Source: Securities report (XBRL)

BPS book value per share

FYE Mar 2026 1,547.57¥

Change · 10 yrs +1,157.67¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	389.90	Cons. · IFRS
FYE Mar 2018	2,715.76	Cons. · IFRS
FYE Mar 2019	2,526.93	Cons. · IFRS
FYE Mar 2020	2,713.62	Cons. · IFRS
FYE Mar 2021	3,864.67	Cons. · IFRS
FYE Mar 2022	4,545.96	Cons. · IFRS
FYE Mar 2023	4,892.47	Cons. · IFRS
FYE Mar 2024	6,383.37	Cons. · IFRS
FYE Mar 2025	6,716.24	Cons. · IFRS
FYE Mar 2026	1,547.57	Cons. · IFRS

Definition: Equity behind each share
Formula: Equity ÷ shares outstanding
Source: Securities report (XBRL)

PER price-to-earnings ratio

FYE Mar 2026 18.95×

Average · 10 yrs 17.33×

Fiscal year	PER ×	Basis
FYE Mar 2017	25.50	Cons.
FYE Mar 2018	16.94	Cons.
FYE Mar 2019	24.52	Cons.
FYE Mar 2020	10.25	Cons.
FYE Mar 2021	11.70	Cons.
FYE Mar 2022	9.93	Cons.
FYE Mar 2023	12.01	Cons.
FYE Mar 2024	19.58	Cons.
FYE Mar 2025	23.92	Cons.
FYE Mar 2026	18.95	Cons.

Definition: How many years of earnings the price stands for
Formula: Year-end price ÷ EPS
Source: Securities report (XBRL)

PBR price-to-book ratio

FYE Mar 2026 2.32×

Average · 10 yrs 1.31×

Fiscal year	PBR ×	Basis
FYE Mar 2017	0.82	Cons.
FYE Mar 2018	0.88	Cons.
FYE Mar 2019	1.13	Cons.
FYE Mar 2020	1.12	Cons.
FYE Mar 2021	1.36	Cons.
FYE Mar 2022	0.93	Cons.
FYE Mar 2023	0.84	Cons.
FYE Mar 2024	1.53	Cons.
FYE Mar 2025	2.15	Cons.
FYE Mar 2026	2.32	Cons.

Definition: The price measured against the book value behind it
Formula: Year-end price ÷ BPS
Source: Securities report (XBRL)

Workforce and productivity Headcount, pay and what each employee accounts for

Group employees

FYE Mar 2026 101,800people

Change · 10 yrs −5,929 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	107,729	n/a	Cons.
FYE Mar 2018	109,390	+1.5%	Cons.
FYE Mar 2019	110,595	+1.1%	Cons.
FYE Mar 2020	112,638	+1.8%	Cons.
FYE Mar 2021	114,714	+1.8%	Cons.
FYE Mar 2022	117,418	+2.4%	Cons.
FYE Mar 2023	118,527	+0.9%	Cons.
FYE Mar 2024	105,276	−11.2%	Cons.
FYE Mar 2025	104,194	−1.0%	Cons.
FYE Mar 2026	101,800	−2.3%	Cons.

Definition: Everyone employed across the group
Formula: Consolidated headcount, from the employee section of the filing
Source: Securities report (XBRL)

Parent-company employees

FYE Mar 2026 21,934people

Change · 10 yrs +490 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	21,444	n/a	Parent
FYE Mar 2018	21,010	−2.0%	Parent
FYE Mar 2019	20,252	−3.6%	Parent
FYE Mar 2020	20,125	−0.6%	Parent
FYE Mar 2021	20,589	+2.3%	Parent
FYE Mar 2022	21,350	+3.7%	Parent
FYE Mar 2023	22,036	+3.2%	Parent
FYE Mar 2024	22,210	+0.8%	Parent
FYE Mar 2025	22,271	+0.3%	Parent
FYE Mar 2026	21,934	−1.5%	Parent

Definition: Employees of the filing company itself
Formula: Parent-only headcount, from the employee section of the filing
Source: Securities report (XBRL)

Average annual pay parent company

FYE Mar 2026 ¥9.9m

Change · 10 yrs +¥1.9m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Mar 2017	8.0	n/a	Parent
FYE Mar 2018	7.9	−2.0%	Parent
FYE Mar 2019	8.0	+1.3%	Parent
FYE Mar 2020	8.1	+2.0%	Parent
FYE Mar 2021	8.3	+1.8%	Parent
FYE Mar 2022	8.1	−1.8%	Parent
FYE Mar 2023	8.4	+3.5%	Parent
FYE Mar 2024	8.8	+4.5%	Parent
FYE Mar 2025	9.6	+9.4%	Parent
FYE Mar 2026	9.9	+3.2%	Parent

Definition: Average total annual compensation, bonuses included
Formula: Average annual pay, from the employee section of the filing
Source: Securities report (XBRL)

Average age

FYE Mar 2026 43.1years

Change · 8 yrs −0.3 years

Fiscal year	Average age years	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	43.4	n/a	Parent
FYE Mar 2020	43.7	+0.7%	Parent
FYE Mar 2021	43.7	−0.0%	Parent
FYE Mar 2022	43.6	−0.2%	Parent
FYE Mar 2023	43.5	−0.2%	Parent
FYE Mar 2024	43.3	−0.5%	Parent
FYE Mar 2025	42.6	−1.6%	Parent
FYE Mar 2026	43.1	+1.2%	Parent

Definition: Average age of the parent company's employees
Formula: Average age, from the employee section of the filing
Source: Securities report (XBRL)

Average length of service

FYE Mar 2026 17.3years

Change · 10 yrs −1.5 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	18.8	n/a	Parent
FYE Mar 2018	19.0	+1.1%	Parent
FYE Mar 2019	19.0	−0.0%	Parent
FYE Mar 2020	19.2	+1.1%	Parent
FYE Mar 2021	18.9	−1.6%	Parent
FYE Mar 2022	18.5	−2.1%	Parent
FYE Mar 2023	18.1	−2.2%	Parent
FYE Mar 2024	17.5	−3.3%	Parent
FYE Mar 2025	16.6	−5.1%	Parent
FYE Mar 2026	17.3	+4.2%	Parent

Definition: How long the average employee has been with the company
Formula: Average years of service, from the employee section of the filing
Source: Securities report (XBRL)

Revenue per employee

FYE Mar 2026 ¥35.2m

Change · 10 yrs +¥10.5m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	24.7	n/a	Cons.
FYE Mar 2018	26.0	+5.1%	Cons.
FYE Mar 2019	26.3	+1.3%	Cons.
FYE Mar 2020	27.5	+4.3%	Cons.
FYE Mar 2021	26.1	−5.0%	Cons.
FYE Mar 2022	25.7	−1.6%	Cons.
FYE Mar 2023	28.0	+8.9%	Cons.
FYE Mar 2024	33.0	+18.2%	Cons.
FYE Mar 2025	32.9	−0.5%	Cons.
FYE Mar 2026	35.2	+7.1%	Cons.

Definition: What each employee accounts for in revenue
Formula: Revenue ÷ group employees
Source: Securities report (XBRL)

Operating profit per employee

FYE Mar 2026 ¥3.5m

Change · 10 yrs +¥3.1m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	0.4	n/a	Cons.
FYE Mar 2018	0.6	+50.3%	Cons.
FYE Mar 2019	0.5	−10.5%	Cons.
FYE Mar 2020	1.1	+116.8%	Cons.
FYE Mar 2021	1.3	+18.3%	Cons.
FYE Mar 2022	1.1	−15.8%	Cons.
FYE Mar 2023	1.4	+27.4%	Cons.
FYE Mar 2024	1.8	+24.2%	Cons.
FYE Mar 2025	2.5	+37.8%	Cons.
FYE Mar 2026	3.5	+43.6%	Cons.

Definition: What each employee accounts for in operating profit
Formula: Operating profit ÷ group employees
Source: Securities report (XBRL)

Disclaimer

Figures are reproduced as filed and are not restated: a change of accounting standard or of consolidation basis moves the series without anything happening to the business. Where that happened, the table says so in place of the year-on-year figure.
Ratios and per-employee figures are computed from the filed lines rather than taken from the filing, and use year-end balances rather than averages.

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